Three vessels stranded in the Strait of Hormuz

Three vessels operated by the Vafias Group are currently stranded in the Strait of Hormuz, as revealed by CEO Haris Vafias during his recognition as EY Greece’s “Entrepreneur of the Year” for 2025.

“It is not yet clear how they can be safely removed from the area, as the situation remains highly unstable. We do not know whether we can get them out, how we can do so, or at what level of risk,” he noted. He added that the course of the conflict will determine the scale of the impact on shipping. If the crisis is short-lived—lasting three to four months—the consequences may be manageable. However, if it extends over many months – beyond nine – the impact will be significant, mainly due to rising fuel costs and the resulting operational burden on vessels.

Challenging resupply conditions

At the same time, he pointed out that vessels in the area require resupply with fuel, food, and water, while access remains difficult due to the risk of attacks.

Meanwhile, insurance costs are increasing, and many crews are reluctant to sail near the affected maritime zones. The situation is also having a broader impact on the economy, as higher energy costs are passed on to fuel and goods prices.

Vafias stressed that the uncertainty created by the conflict makes forward planning particularly challenging. The group already has newbuilding orders under construction in South Korea for delivery in the coming years; however, no further investment decisions can be made at this stage until there is greater clarity on the course of the crisis.